Ophthalmic Equipment Market by Devices (Surgical: Vitreoretinal, IOLs, OVDs, Contact Lens, RGP Lens, Backflush; Diagnostic & Monitoring: OCT, Autorefractor, Keratometer, Tonometer, Ophthalmoscope, OVD), End User, Buying Criteria - Global Forecast to 2029

Ophthalmic Equipment Market by Devices (Surgical: Vitreoretinal, IOLs, OVDs, Contact Lens, RGP Lens, Backflush; Diagnostic & Monitoring: OCT, Autorefractor, Keratometer, Tonometer, Ophthalmoscope, OVD), End User, Buying Criteria - Global Forecast to 2029

The ophthalmic equipment market is valued at an estimated USD 66.2 billion in 2023 and is projected to reach USD 88.5 billion by 2029, at a CAGR of 4.9% during the forecast period. The ophthalmic equipment market is influenced mainly by the rise in rise in eye disorders due to old age, rise in geriatric population, exposure to radiation from mobile or computer screens, increased awareness in emerging nations, rise in highly equipped clinics and hospitals due to increase in patient visits, and hereditary.

""The retinoscope segment accounted for the largest share in the ophthalmic equipment market.""

The retinoscope is a part of the ophthalmic ultrasound equipment subsegment of the diagnostic and monitoring segment. Its large share can be attributed to its advantages over traditional tools like objective measurement, such as autocorrection, accuracy of the refractive error measurement, non-invasive procedures, and minimized risk during surgeries. For example, in cataract surgery, accurate knowledge of the refractive error is essential for choosing the correct intraocular lens implant. Similarly, in refractive surgery, such as LASIK or PRK, retinoscopy is used to guide the laser to precisely correct the refractive error. Thus, it holds a major share in this segment.

""Glaucoma surgery devices are expected to grow at the highest rate in the ophthalmic surgery devices market.""

Glaucoma surgeries are on the rise mainly due to the increase in the geriatric population in emerging countries. The risk of this sight-stealing disease escalates significantly after age 40, driven by both the natural aging process and a rise in unhealthy lifestyle factors like diabetes and obesity. While this demographic shift paints a worrying picture, it's not without its silver lining. Advanced diagnostic technologies and heightened public awareness are bringing previously hidden cases to light, and groundbreaking research into gene and stem cell therapies offers promising avenues for future treatment. However, ensuring equitable access to affordable eye care, particularly in underserved communities, remains paramount in the fight against vision loss from glaucoma. Early detection and prompt intervention are our most potent weapons in this burgeoning battle, crucial for preserving sight and upholding quality of life not just in our twilight years, but across the full spectrum of human experience.

""Asia Pacific market to witness the highest growth during the forecast period.""

During the forecast period, APAC is anticipated to grow at the fastest rate. The major factors promoting the growth of the ophthalmic equipment market in this region are awareness about rise in visits to eye clinics or hospitals right from the young age, growing old age population in emerging countries, rise in awareness of improved health diagnosis, and underlining disease like diabetes causing diabetic retinopathy.

A breakdown of the primary participants (supply-side) for the ophthalmic equipment market referred to for this report is provided below:

By Company Type: Tier 1: 60%, Tier 2: 30%, and Tier 3: 10%

By Designation: C-level Executives: 30%, Directors: 50%, and Others: 20%

By Region: North America: 45%, Europe: 15%, Asia Pacific: 25%, Latin America: 10%; Middle East and Africa: 5%;

The prominent players operating in the ophthalmic equipment market are Bausch Health Companies, Inc. (Canada), Alcon (Switzerland), Carl Zeiss Meditec AG (Germany), Johnson & Johnson (US), Hoya Corporation (Japan), The Cooper Companies, Inc.(US), EssilorLuxottica (France), Canon Inc. (Japan), Glaukos Corporation (US), Nidek Co., Ltd. (Japan), Topcon Corporation (Japan), Ziemer Ophthalmic Systems (Switzerland), Staar Surgical (US), Haag-Streit (Switzerland), Quantel Medical (US), Coburn Technologies, Inc. (US), FCI Ophthalmics (US), Matronix India Corporation (India), HEINE Optotechnik (Germany), Visionix (France), Neo Vision (Korea), Clear Lab (Singapore), BVI (US), DORC (Netherlands), CORZA Medical (US), Appasamy Associates (India), Ophtec BV (Netherlands), Lumenis (Israel), and Intuvision Labs (India).

Research Coverage:

The market study covers the ophthalmic equipment market across various segments. It aims to estimate the market size and the growth potential of this market across different segments by product, end-user, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their product and business offerings, recent developments, and key market strategies.

Reasons to Buy the Report

The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall ophthalmic equipment market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

This report provides insights into the following pointers:

Analysis of key drivers (Increase in geriatric population, rising prevalence of eye disorder, technological advancements in ophthalmic devices, increased government initiatives to control visual impairment, and rising adoption of contact lenses and spectacles), restraints (high cost and risk associated with eye surgeries, increased cost of ophthalmic devices, rising adoption of refurbished ophthalmic devices), opportunities (potential growth opportunities in emerging market, low adoption of phacoemulsification devices and premium IOLs in emerging regions) and challenges (low accessibility to eye care in low-income countries and lack of skilled professionals) influencing the growth of the ophthalmic equipment market.

Market Penetration: Comprehensive information on product portfolios offered by the top players in the ophthalmic equipment diagnostics market. The report analyzes this market by type of product, end-user, and region.

Product Enhancement/Innovation: Detailed insights on upcoming trends and product launches in the ophthalmic equipment diagnostics market.

Market Development: Comprehensive information on the lucrative emerging markets by type of product, application, technology, animal type, distribution channel, end-user, and region.

Market Diversification: Exhaustive information about new products and services, growing geographies, recent developments, and investments in the ophthalmic equipment diagnostics market.

Competitive Assessment: In-depth assessment of market shares, growth strategies, product and service offerings, and capabilities of leading players in the ophthalmic equipment diagnostics market.